How A Foreclosure Sale Works
1. Above all else, do your research. On top of that foreclosure homes are sold “as is” which means that the 25 percent you just saved on the purchase price can easily be eaten up by unforeseen expenses such as repairs not immediately apparent in an exterior inspection. You’re on the market for a new home when you think, Why not a foreclosure?” Foreclosed homes are usually cheaper than traditional listings, and there will be plenty of inventory when the economy tanks.
The major difference is that in Canada, lenders are required to sell homes in foreclosure at “fair market value,” which means the dirt-cheap U.S. prices just don’t happen here. Foreclosed homes are almost always sold at the market value determined by the bank, so there’s little wiggle room.
15 They aren’t required to extend financing, but it can be helpful if they do. Otherwise, you may have to …